OKC Area Mortgage Rates Lowest since March 2001

OKC Area Mortgage Rates Lowest since March 2001

Article excerpt

Mortgage rates averages in the Oklahoma City area are at the
lowest level seen since The Journal Record and the Oklahoma City
Mortgage Bankers Association began tracking local averages in March
2001.

Nationally, rates for 30-year mortgages dipped to a new low this
week, providing even more fuel for the mortgage refinancing boom.

The Oklahoma City Mortgage Bankers Association survey this week
showed that for a 30-year conventional fixed-rate mortgage,
$100,000, 60-day lock, with no discount points or origin fee, the
highest rate cited was 6.5 percent, the lowest rate cited was 6.125
percent, and the average was 6.3 percent.

The previous low was recorded the week of Nov. 1, 2001, when the
average hit 6.393 percent. Rate averages have now declined for 15 of
the last 20 weeks, according to survey results.

Last week's average was 6.425 percent. The average one month
(four weeks) ago was 6.5 percent. The average one quarter (13 weeks)
ago was 6.921 percent.

The average six months (26 weeks) ago was 6.958 percent. The year-
ago survey, released Aug. 17, 2001, showed an average of 7.05
percent.

This week's figures for 15-year conventional fixed-rate
mortgages, $100,000, 60-day lock, no discount points or origin fee,
showed the highest rate cited was 5.875 percent, the lowest rate
cited was 5.625 percent, and the average was 5.75 percent.

Last week's average was 5.825 percent. The average one month ago
was 6 percent. The average one quarter (13 weeks) ago was 6.428
percent.

For a 30-year FHA fixed-rate mortgage, $75,000, 60-day lock, no
discount points or origin fee, the highest rate cited was 6.5
percent, the lowest rate cited was 6.25 percent, and the average was
5.125 percent. Last week's average was 6.475 percent. The average
one month ago was 6.525 percent. The average one quarter (13 weeks)
ago was 6.964 percent.

The second half of 2001 was marked by steady declines in mortgage
rates from the beginning of July to the first of November. …